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Emvolon and Montauk Renewable collaborate on carbon-negative fuels
CDPQ and Nuveen launch $600mm for sustainable commercial real estate development
newcleo finalizes relocation of HQ to France and closes EUR 135mm
Chevron announces $6.5 bn sale of Athabasca Oil Sands Project and Duvernay Shale
The almost headlines
In case you missed
1PointFive, a subsidiary of Occidental, announced its Bluebonnet and Magnolia Sequestration Hubs received $36 million from the U.S. Department of Energy under the CarbonSAFE Initiative.
The funding will support the development of carbon dioxide sequestration hubs aimed at addressing industrial emissions.
The Bluebonnet Sequestration Hub is located in Chambers County, Texas, while the Magnolia Sequestration Hub is in Allen Parish, Louisiana.
Both hubs are strategically positioned near industrial emissions sources for large-scale geologic CO2 storage.
The hubs will facilitate hard-to-decarbonize industries in achieving their climate goals by utilizing pore space and progressing UIC Class VI sequestration permits.
Xpansiv has acquired certain assets of PineSpire, a provider of revenue management services in low-carbon fuels.
This move aims to merge operators of low-carbon fuel programs to reduce market fragmentation.
Xpansiv and PineSpire share a vision to enhance customer outcomes through collaboration.
Xpansiv Managed Solutions is the largest independent technology platform for managing renewable energy and clean transportation credits in North America.
The Managed Solutions business surpassed 100,000 customers with 1.5GW of renewable energy capability.
Emvolon, an MIT spin-off, announced a collaboration with Montauk Renewables, Inc. to convert methane emissions into carbon-negative fuels.
The initial pilot will demonstrate the conversion of biogas into green methanol at Montauk's site in Humble, Texas.
Emvolon uses patented technology that repurposes car engines as modular chemical plants to convert methane onsite into green chemicals and fuels.
The produced carbon-negative fuels can be transported in standard truck containers for hard-to-abate sectors like maritime and aviation.
This collaboration aims to monetize flared tail gas resources at low cost while eliminating greenhouse gas emissions.
The pilot project aims to produce up to 15,300 gallons of green methanol yearly, with potential for a full-scale system producing 2,400,000 gallons annually.
CDPQ and Nuveen Green Capital have launched a $600-million integrated financing program for sustainable commercial real estate development.
The program combines senior financing and Commercial Property Assessed Clean Energy financing to facilitate bridge and construction loans.
It aims to support energy efficiency, water conservation, renewable energy, and resiliency improvements in commercial real estate developments.
The initiative targets reducing environmental impact and enhancing sustainability in the built environment.
NGC will serve as the primary sourcing agent for this integrated financing program.
The program will provide flexible capital for large-scale construction and bridge financings across significant asset classes and markets.
The DOE is investing $1.5 billion to enhance the electricity grid and provide affordable energy.
The U.S. Department of Energy announced funding for four transmission projects to improve grid reliability and resilience.
The funding is part of the Bipartisan Infrastructure Law and aims to develop nearly 1,000 miles of new transmission and 7,100 MW of new capacity.
The administration supports streamlining federal permitting for new projects and upgrading existing lines.
Projects include the Aroostook Renewable Project, Cimarron Link, Southern Spirit, and Southline, each targeting various regions and capacities.
- Scala Data Centers has secured US$500 million in structured financing to accelerate growth and innovation in Latin America.
- The investment comprises US$250 million from Coatue Tactical Solutions and US$250 million from the Investment Management Corporation of Ontario.
- The funds will facilitate Scala's expansion to support the growth of cloud and AI technologies.
- Scala remains committed to investing in technology innovation and sustainable practices.
Equinor ASA has acquired 41,197,344 shares in Ørsted A/S, representing 9.8% of the shares and votes in the company.
This transaction establishes Equinor as the second largest shareholder in Ørsted, following the Danish State.
The investment is described as counter-cyclical in a leading developer with a premium portfolio of operating offshore wind assets.
Equinor's exposure to producing assets complements its own offshore wind portfolio of large projects under development.
Ørsted has a net renewable generation capacity of approximately 10.4 GW and aims for a gross installed renewable capacity of around 35 to 38 GW by 2030.
The market value of Equinor’s holding in Ørsted is around USD 2.5bn with no plans to further increase the stake beyond 10%.
Trafigura has executed its first wind power purchase agreements in North America, representing over 50 percent of the as-generated energy and renewable energy credits.
The three renewable energy projects are situated in ERCOT and have a combined nameplate capacity of approximately 400MW.
In July 2024, Trafigura and Frontier Group acquired the Mountain Creek power plant to support the expanding energy needs of the Texas market.
Qcells and Puget Sound Energy announce Washington's largest co-located solar project, a unique 142 MW solar PV project.
The project will leverage existing interconnection from an active wind project to enhance renewable energy delivery to the grid.
Located in Garfield County, the solar project can power over 30,000 homes annually.
This initiative marks the first use of wind facility interconnection infrastructure in the state to serve grid needs.
Qcells will supply U.S.-manufactured solar panels and provide engineering, procurement, and construction services.
Toyota will invest an additional $500 million in Joby Aviation to support the certification and commercial production of electric air taxis.
The investment will occur in two equal tranches, with the first set to close later this year and the second in 2025.
This investment increases Toyota's total investment in Joby to $894 million.
Joby recently rolled out its third aircraft and broke ground on a facility expansion to double its manufacturing capacity.
The collaboration between Joby and Toyota has spanned nearly seven years, aimed at realizing a shared vision for air mobility.
newcleo has confirmed the relocation of its holding headquarters from London to Paris.
The company aims to construct a prototype reactor in France by 2031.
newcleo has over 90 partnerships and more than 850 employees across France, Italy, the UK, Switzerland, and Slovakia.
Positioning its headquarters in Paris enhances access to European funding opportunities.
newcleo will close the UK phase of its Series A capital raise and reopen it in France later this year.
The company has raised over EUR 535m from various investors, with EUR 135m from the UK tranche.
The latest financing round attracted, among others, the Italian National Pension Fund and leading Italian and French nuclear companies.
The timing of the relocation coincides with the new European Commissioner's mandate to accelerate small modular reactor development.
Chevron Canada Limited has announced the sale of its 20 percent non-operated interest in the Athabasca Oil Sands Project and 70 percent operated interest in the Duvernay shale for US$6.5 billion.
The sale is to be finalized with Canadian Natural Resources Limited and is expected to close in the fourth quarter of 2024, pending regulatory approvals.
This agreement represents Chevron's progress towards its goal of divesting $10-15 billion in assets by 2028 to optimize its energy portfolio.
The assets sold contributed 84 thousand barrels of oil equivalent per day to Chevron’s production in 2023.
Check out the latest Sunya Stories podcast with JP Morgan’s Rama Variankaval.
Rama Variankaval is Global Head of Corporate Advisory & Sustainable Solutions at J.P. Morgan. This group combines the capabilities of Corporate Finance Advisory, Center for Carbon Transition, Sustainable Solutions, and Infrastructure Finance Advisory.
We talk energy transition, carbon reduction, and the impact of AI on energy.
This episode is audio-only and you can find it on Spotify or Apple Podcasts as well.
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
